Transparency Taskforce calls for IA's Cummings to apologise over 'offensive' Loch Ness fees comments

Gina Miller and others deserve 'apology… public recognition and thanks'

Mike Sheen
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Chief executive of the Investment Association Chris Cummings
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Chief executive of the Investment Association Chris Cummings

The founding chair of industry pressure group Transparency Task Force and governor of the Pensions Policy Institute, Andy Agathangelou, has written to Investment Association's chief executive Chris Cummings, demanding the trade body apologise for controversial comments made in a 2016 press release regarding hidden fees.

Cummings said in a Radio 4 documentary yesterday (25 January) the comments in the press release describing 'hidden' fund fees, such as those related to transaction costs and research, as the "Loch Ness Monster of investments" were "regrettable". Asset managers under fire as impact of transaction costs revealed post-MiFID II The press release in question summarises research commissioned by the IA, which found "zero evidence that funds' returns are affected by hidden fees lurking within, suggesting that ‘hidden fund fees' may in reality be the ‘Loch Ness Monster of investments'". In ...

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